Refi for higher amount for cash back

Refi for higher amount for cash back

Is this even an option? I am trying to buy out of my lease (apartment, not auto) and plan to refinance my car any way. Could I kill two birds with one stone by refinancing my car loan for a larger amount in hopes of getting cash back?

Re: Refi for higher amount for cash back

I would have to come up with about 3k to get out of my place, I have the rest in savings

My current loan is not with my CU it is with another lender. This is my first auto loan and I didnt have credit before hand so my CU wouldnt help! LOL

Thanks so much for any more info you can provide!

Get in contact with your CU now to see what they will loan on your vehicle. You have history with an auto loan now so they might refi it. It appears you don't have enough equity to pull out to pay off the lease. But don't refi the loan unless you can get a better rate and a better payment than what you have now.

As far as getting the funds for your lease buyout, maybe your CU will also give you a personal unsecured loan. Talk with them about that too. CU's do small loans.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.